The Supreme Court on Monday dismissed a plea filed by Sebi against a Securities Appellate Tribunal order which set aside the penalty imposed by the market regulator on RIL chairman Mukesh Ambani and two other entities in a case related to alleged manipulative trading in shares of the erstwhile Reliance Petroleum Ltd (RPL) in November 2007. A bench of Justices J B Pardiwala and R Mahadevan said it was not inclined to interfere with the order passed by SAT.
The Securities Appellate Tribunal (SAT) on Monday set aside the penalty imposed by Sebi on Reliance Industries Ltd's chairman Mukesh Ambani and two other entities in a case related to alleged manipulative trading in the shares of erstwhile Reliance Petroleum Ltd (RPL) back in November 2007. The ruling has come after all the entities appealed before the tribunal against the order passed by the Securities and Exchange Board of India (Sebi) in January 2021. In January 2021, Sebi imposed a Rs 25 crore fine on Reliance Industries Ltd(RIL), Rs 15 crore on Ambani, who is the company's chairman and managing director, Rs 20 crore on Navi Mumbai SEZ Pvt Ltd and Rs 10 crore on Mumbai SEZ Ltd in RPL case.
Reliance Industries Ltd had sought to settle certain investigations into alleged violation of insider trading norms in sale of shares of its erstwhile subsidiary Reliance Petroleum Ltd, but the application to settle of the matter under Sebi's consent framework was rejected by the regulator.
It's not just India's largest company, Reliance Industries that's under scrutiny for insider trading in Reliance Petroleum Ltd in 2007. Anand Jain's investment company, Vinamra Universal Traders Private Ltd, and MoTech Software, then led by Annu Tandon, now a Congress politician and MP, are among a dozen entities facing regulatory action.
Market regulator Sebi will further look into trading of shares of Reliance Petroleum Ltd (RPL), which is now part of Reliance Industries, for alleged insider trading during November 2007, Parliament was informed.
Acting finance minister Pranab Mukherjee, in a written reply, said Mukesh Ambani-led Reliance Petroleum Ltd was one of the 19 companies against which complaints of insider trading were received by market regulator Securities and Exchange Board of India.
A minor fire broke out at a waste disposal site at Reliance Petroleum Ltd's under-construction export-oriented refinery at Jamnagar in Gujarat, but was quickly brought under control.
The Bombay high court has sanctioned the scheme of amalgamation of RPL with Reliance Industries, Mukesh Ambani-led company said in a filing to the Bombay Stock Exchange.
Sebi was probing a complaint by S Gurumurthy of Swadeshi Jagran Manch, alleging that RIL and its investors lost at least Rs 2,700 crore.
The oil ministry is believed to have turned down Reliance Petroleum Ltd's request to export LPG from its newly commissioned refinery at Jamnagar in Gujarat, forcing the only-for-exports unit to sell the cooking fuel locally.
RIL's merger with RPL will mean non-issue of treasury stock worth Rs 26,000 crore, which means less headroom to raise funds. Since no treasury stock is going to be created, RIL will issue 69.2 million shares to RPL's ordinary shareholders. As a result, RIL's paid-up capital will increase to only Rs 1,643 crore from the present Rs 1,574 crore. This, in turn, will enhance the earning per share proportionately for RIL shareholders.
In line with its plans to set up greenfield projects outside India, Mukesh Ambani's Reliance group is considering setting up a polypropylene unit in Kuwait. The company already has operations in the Gulf states to market polypropylene. If this project fructifies, it will be Reliance's first unit outside India. Reliance Industries (RIL) is also looking to set up a refinery project in Kuwait. It has also signed an MoU with GAIL to explore for petrochemical plants outside India.
In a disclosure to the Bombay Stock Exchange, Reliance Petroleum LTD said Chevron India Holdings has sold 22.50 crore shares, representing five per cent stake in RPL, to Reliance Industries. RIL has paid Rs 60 per share aggregating to Rs 1,350 crore, the same price at which the US firm had bought five per cent stake in RPL in April 2006.
Amar Singh, general secretary of the Samajwadi Party, has written to the Securities and Exchange Board of India alleging insider trading in the shares of Mukesh Ambani-controlled Reliance Petroleum Ltd, on July 9, 2008, just days before his party voted in favour of the current ruling alliance at the centre.
The Ruias-managed Essar Oil is fast catching up with Reliance Industries in the number of petrol pumps set up by private sector retailers.
Reliance Industries along with US oil major Chevron on Wednesday announced signing of an agreement for purchase of 5 per cent equity of Reliance Petroleum Ltd for $300 million
Securities and Exchange Board of India, India's capital market regulator, has approved US energy major Chevron becoming one of the promoters of Reliance Petroleum Ltd.
The initial public offer of Reliance Petroleum Ltd, which opened for subscription from Thursday, has been oversubscribed five times.
The Securities and Exchange Board of India has extended the market timing for Reliance Petroleum Ltd's IPO by eight hours owing to huge investor interest in the public issue.
This will be the mother of all outsourcing activities in India.
After creating history with its IPO earlier last month, Reliance Petroleum Ltd is set to join the league of top 15 companies in India in terms of market capitalisation in its debut trade on Thursday.
Mukesh Ambani-controlled Reliance Petroleum Ltd will be listed on the bourses on May 11.
Reliance Petroleum Ltd, the subsidiary of Mukesh Ambani-owned Reliance Industries, plans to list on the stock exchanges in the first half of May.
Reliance Petroleum Ltd on Monday announced its plan to enter the capital market with a public issue of 135 crore equity shares. \n
Reliance Petroleum Ltd, a unit of Reliance Industries that plans to sell 1.8 billion shares in an initial public offering to raise up to $1.3 billion
Regulator Sebi on Friday imposed penalties on Reliance Industries Ltd, its chairman and managing director Mukesh Ambani as well as two other entities for alleged manipulative trading in the shares of erstwhile Reliance Petroleum Ltd (RPL) back in November 2007. Fines of Rs 25 crore and Rs 15 crore have been imposed on Reliance Industries Ltd (RIL) and Ambani, respectively. Besides, Navi Mumbai SEZ Pvt Ltd has been asked to pay a penalty of Rs 20 crore and Mumbai SEZ Ltd has been directed to pay Rs 10 crore. The case pertains to sale and purchase of RPL shares in the cash and the futures segments in November 2007.
In a nearly 10-year-old case, Sebi on March 24 had banned Reliance Industries and 12 others from equity derivatives trading for one year, while accusing RIL of making 'unlawful gains'.
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At the last hearing on October 11, SAT had suggested to Sebi to look at considering the RIL application for a consent settlement that allows companies and individuals to settle disputes by paying a fine without admission or denial of the alleged wrongdoing.
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